【券商聚焦】中信建投首予不同集团(06090)“增持”评级指其在用户群上仍有开拓空间

金吾财讯

Dec 08, 2025

金吾财讯 | 中信建投研报指，不同集团(06090)2019年创立BeBeBus品牌，得益于对耐用消费品的成功理解，通过高品质、中高毛利率的产品策略切入高端耐用品市场，瞄准家庭消费的核心决策者——“家庭CFO”（定义为高净值家庭的宝妈）；凭借产品创新+前沿材料/工艺/技术构建产品差异化壁垒；通过小红书与抖音锚定用户和建立消费者品牌认知，在电商、私域、线下渠道实现用户价值变现。后续看点在于更多家庭CFO数量增长、推出更多SKU达到用户ARPU值的增长。1）目前客户数量仍在快速增长中（25H1为65.7万），公司在用户群上仍有开拓空间；2）凭借模块化设计思路继续扩充产品矩阵带动单用户价值的扩大，满足家庭CFO更多消费场景需求；3）公司24年起布局全球，伴随供应链完善和海外渠道建立有望提供增量。该机构预计公司2025-2027年营收分别为17.1、23.8、31.2亿元，分别同比+37.2%、+39.1%、+30.9%；经调整归母净利润分别为1.94、2.71、3.60亿元（经调整项目主要系股份支付和可赎回优先股利息，对应为0.17、0.25、0.30亿元），分别同比+106.5%、+40.2%、+32.8%，对应PE分别为46X、33X、25X，首次覆盖，给予“增持”评级。

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